Taiga won bankruptcy protection in July after running out of money in its bid to scale up production
Samuel Bruneau , CEO & co-Founder of Taiga Motors, rides the company's electric snowmobile outside their Montreal office on Feb. 17, 2021.A British electric boat entrepreneur has won control of Canada’s Taiga Motors Corp., as the maker of electric off-road vehicles steers out of bankruptcy protection with new hopes for a fresh start.
Financial terms of the transaction are confidential, the company said. But it said the buyer has agreed to provide working capital funding for Taiga’s business plan as well as assume and guarantee Taiga’s debt to Export Development Canada, the Montreal-based manufacturer’s most senior secured lender.
Mr. Wilkinson commended Mr. Bruneau and his team for building “great products and technology in challenging financial markets” as they work toward greater mass market adoption. “The world urgently needs low-carbon solutions for all forms of mobility,” he said. “This transaction will allow us to continue building the best technology, team and products to propel the industry forward.”
Mr. Bruneau launched the company with two McGill University engineering classmates in 2015 with big ambitions, aiming to revolutionize the powersports industry by bringing an environmental sensibility to a sector historically hooked on loud revving engines. It makes two electric vehicles: A snowmobile called the Nomad and a personal watercraft called Orca.
Taiga Company Technology Scale Team Taiga Group Statement EDC Mcgill University Samuel Bruneau
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